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Things To Know Before Switching Credit Cards
As credit consuming bodies we tend to get attracted to new credit card offers as they arrive in the mail or advertised on the internet. A lot of us even go as far as switching to a new credit card after just a glance at what appears to be fantastic features and an even better interest rate compared to the one we already hold. You then get a new credit card and after 30 days the regret starts to pour in. This article takes a critical look at the things you must pay attention to before switching to a new credit card. You may find many attractive articles but don't make a move till you've finished reading.
Nowadays it makes little sense to pay annual fees because you'll likely find another card offering similar benefits without it. Save these dollars and feel better about it.
Grace periods if you don't already know are generally the overtime period your credit card company offers before charging late payment fees and taking further action as the case may be. If you aren't absolutely sure of your ability to stay within budget and pay in full each month, please go for a credit card that gives a grace period of at least 25 days. This way you should have up to 55 days for each billing cycle to pay up or make the minimum payment.
Having a Million Credit Cards
Ok I heard of a friend with 20 credit cards, yet she's with little debt. She gets perks on most of these cards and charges them as occasion arises. Truthfully, there's no law that prevents you from getting a million credit cards except that creditors would just stop considering your applications after a while. Seriously, before opening that new credit card account, you really need to be sure it's what you need. Weigh your available options and be sure to click the submit button only when you've come up with a resounding judgment that says this is what I must have (not even what I need). If you must have cash to offset a down period consider taking a low interest credit facility from your credit union. Persons who already are in debt should actually consider taking a new credit card when they intend doing so as part of a strategy to pay back the debt before it goes delinquent.
How would I pay?
Once you already have a couple of credit card payments to deal with each month, squeezing in another credit card may jeopardize your chances of managing all accounts successfully. Come up with a strategy to pay off any outstanding balance you intend putting on a new card before applying for that card. This way you wouldn't come up short.
Never Overlook the Juicy Features
This could have been labeled as "Never overlook the main points of an advertised credit card". We just take a look at the 0% balance transfer offer, fixed purchase APR, and other juicy features without reading between the lines and asking questions like what happens after the 0% balance transfer offer expires, what happens if I pay late? With some card companies, a fixed purchase APR that once appeared to be very low will skyrocket and become variable interest immediately you make a late payment. Most especially when you consider using the balance transfer feature as part of your home-made debt management strategy always find out the true balance transfer APR that applies once the offer expires. Once you have this information you can now plan accurately without any misgivings.
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